중국 정부출자 가이드펀드의 전략적 기능과 정책적 함의: 국가주도 첨단산업 육성의 거버넌스 분석

초록

This paper analyzes how the Chinese government-funded guide fund works to foster high-tech industries by synthesizing developmental state theory, strategic industrial policy theory, sovereign wealth fund theory, government venture capital theory, mission-oriented public finance theory, and national innovation system theory. It examines cases of national and local funds targeting strategic emerging industries such as semiconductors, artificial intelligence, and biotechnology, and identifies the mechanism by which government capital organizes large-scale investments by using private and state-owned capital as leverage, and the signaling effect that induces follow-up private investment. At the same time, it points out limitations such as fund turmoil, duplicate investment, lack of transparency, and crowding-out effects on private investment, and reviews recent measures to improve the Chinese government’s system. It discusses differences in industrial financial governance among countries, compared to the US CHIPS and Science Act, the EU Chips Act, the EIC Fund, and Japan’s Investment Corporation (JIC), and presents policy proposals such as promoting a model of public and private cooperation funds that are unique to China, expanding task-oriented financial support, and revitalizing regional coordinated development funds to secure strategic technology.

키워드